Terra (LUNA) 2.0 relaunches in accordance with Do Kwon’s revitalization strategy
Terraform Labs co-founder and CEO Do Kwon confirmed the relaunch of Terra 2.0, the company’s new chain that intends to resuscitate the Terra (LUNA) and TerraUSD (UST) ecosystems. Hard forking the current blockchain and reissuing LUNA tokens to existing investors based on a snapshot taken before the death spiral drained the LUNA and UST markets, effectively causing unrecoverable losses for investors, is part of Kwon’s Terra resurrection plan.
The Terra 2.0 mainnet, codenamed Phoenix-1, went live today, May 28, as planned by Terra developers, and began creating blocks. Kwon also stated that public node services, wallets, and explorers will be launched shortly after the mainnet. Kown added that users should now be able to see the newly issued LUNA tokens balances, as per the original proposal’s strategy, which advocated releasing the additional LUNA tokens to current investors. Furthermore, investors transferring via the inter blockchain communication protocol (IBC) must create a station wallet using the same ledger and follow the instructions provided while creating the wallet.
Kown also offered a link to an official webpage where users may check the balances of their Terra wallets. Several crypto exchanges have supported Terra’s relaunch by assisting with airdrops, as previously reported.
Users who previously held Terra Luna Classic (LUNC), TerraUSD Classic (USTC), or Anchor Protocol UST (a UST) are eligible to obtain fresh tokens under the revival plan. Among the many crypto ecosystems that have stepped up to assist Terra companies to resurrect, Binance’s BNB Chain (BNB) has pledged to invest in and support projects that are contemplating leaving the Terra environment.
“The Terra ecosystem includes a lot of great artists and developers, and our assistance is geared on assisting those builders and teams in launching new products on the BNB Chain.” As a result, we’re only interested in assisting developers and projects in order to ensure that they don’t miss out on future opportunities.”